FINRA's Department of Enforcement filed a complaint against former WestPark Capital broker and Pacific Crest Financial owner Gregory Walter McCloskey aka Gregory Meier of Southern California, alleging he participated in multiple undisclosed private securities transactions involving an elderly, retired widow, and for concealing these transactions from FINRA and its firms.
According to Complaint #2018059242801, Gregory W McCloskey (CRD #2820510) first engaged in an undisclosed, unauthorized private securities transaction while associated with since-expelled Newport Coast Securities (Irvine, CA).
Upon leaving that firm, McCloskey joined WestPark Capital aka WPCapital in Newport Beach, ultimately settling FINRA's investigation into his first round of undisclosed private securities transactions in 2017. As part of that AWC in which McCloskey consented to findings that he introduced investors to a private placement in a lighting and energy networking company known as CW without the firm's approval, McCloskey was suspended and paid a $5,000 fine.
FINRA alleges that McCloskey lied to investigators about separate private securities transactions involving McCloskey's elderly client, and continued its investigation, finding that McCloskey in 2018 engaged in further misconduct.
According to the complaint, McCloskey allegedly arranged for his sister to purchase the elderly widow's undisclosed $20,000 investment in an effort to conceal the misconduct while placating his complaining customer. FINRA alleges that McCloskey failed to disclose this private securities transaction to Westpark Capital and that while selling away, he urged his customer to create and sign a false written statement indicating he hadn't participated in the violative investment, when, in fact, he had.
WestPark Capital permitted McCloskey to resign in 2019 citing a "failure to follow heightened supervision plan," while the 2018 customer dispute filed against McCloskey alleging $20,000 in damages due to misrepresentation, suitability concerns, and high fees remains pending.
Owned and operated by McCloskey, Pacific Crest Financial describes itself as "one of OC's most trusted financial advisors," and markets its services to retirement, insurance, and estate planning customers. McCloskey's BrokerCheck report also lists an additional employer, Quiver Financial Holdings of San Clemente, for which McCloskey serves as an independent representative.
If you have invested with Orange County broker Gregory Walter McCloskey or with any broker or financial adviser who has sold undisclosed products away from the supervision of a FINRA-member firm, or whose unsuitable recommendations or private securities transactions have proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.